Global-E Online Ltd (NASDAQ: GLBE) shares -- an Israel-based company operating as a software publisher and developer of Global-e, which enables direct-to-consumer cross-border e-commerce -- plunged on Thursday after the company cut revenue and gross merchandise value (GMV). As of 12:00 PM. ET, Global-E shares dropped by 12.39%.
Global-E officially went public on May 12, 2021, opening at $24.25 and reaching a market capitalization of $3.6 billion. From its IPO period to press time, its market cap has increased to $3.8 billion, an additional $200 million.
The company announced that it lowered its fiscal full-year guidance for revenue and GMV. Its GMV was lowered to $2.419 billion to $2.459 billion from its previous range of $2.45 billion to $2.55 billion.
The company also decided to raise guidance for full-year adjusted Ebita ranging from $43.5 million to $46.5 million. This increased from its previous $41 million to $46 million. The company also expects 2022 fiscal revenue to be at $404.7 million to $410.7 million from its previous guidance of $406 million to $416 million.
See the $GLBE chart performance here.
Global-E stock reported a drop after it announced a drop in forecasts. Since investors can’t know for sure whether these forecasts will be reached, it is more important to focus on Global-E’s business.
See full $GLBE flow at: https://unusualwhales.com/stock/GLBE/flow-overview
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